In 2006 my husband and I bought a vacation plan from Consolidated Resorts / Tahiti Village in Las Vegas NV in Phase 2. It was a 2 bedroom unit 1every year. We knew nothing about hw timeshare worked so we were there for hours asking questions and making sure this was legit and that we had all our bases covered. We were hesitant at first but since we travel so much it made sense to do this. They promised that vacation weeks could be split, that all the land along the Strip had already been sold out and thus the price of the time share would go up every month. As such, it would be a great investment for the future that could even be transferred to our children one day. They offered us 10% down with the remainder principal balance paid off over the next 10 years at an APR of around 17%. We told them it was too high and we weren't comfortable with that rate and at that point they assured us that there would be no problem at all in contacting my lender asking for refinancing my vacation plan at a similar rate of our home, like most of the owners of Tahiti Village had done. We both have great credit scores and figured this wouldn't be a problem. We figured that with an APR of around 6% the monthly payment would me more affordable to us. After we had also been promised 5 free trips anywhere in the world. We finally signed the agreement about 6 hours after we had arrived at the resort. After returning home I immediately contacted my lender and other banks and credit unions and found out that none of them was willing to refi a timeshare, as it was of no value for them, unlike a property. From there our problems began. Over 2 years we can't use those free vacations, we have tried multiple times to book our travel and nothing is ever available. I ended up paying it off on a credit card and they still were sending me past due notices that affected my credit because they forgot to close out the account. This timeshare has been nothing but useless to us. We don't even travel anymore because we are still paying on it and don't have the funds to book elsewhere! What's sad is not all timeshares are like this! I feel I have thrown away thousands of dollars for nothing!
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